Murray Goulburn boss exits after profit downgrade, unit trust units slump by more than one-third

Wed, 27 Apr 2016

By Jonathan Underhill April 27 (BusinessDesk) - Murray Goulburn managing director Gary Helou and chief financial officer Brad Hingle will exit Australia's biggest dairy company after it downgraded forecasts for its milk payment and profit, and announced a support package for its farmers. Unfavourable currency movements, weaker than expected Chinese demand for adult milk powder and inventory writedowns forced Murray Goulburn to slash its profit and milk price payouts. Units of the cooperative's MG Unit Trust, which were halted on April 22,...

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